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Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
 It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Covid-19 shockwaves of declining demand for a number of commodities and the subsequent pressure on freight rates. Preliminary data reveals a 56% drop in the number of dry bulk second hand sales year to date, while we expect this trend to continue in the short term as the vast majority of Buyers remains reluctant to proceed decisively and invest in available candidates. The fact that the gap between their price ideas and those of the respective Sellers remains wide, together with the growing uncertainty surrounding the prospects of the sector, have pushed more investors to the sidelines at least for the time being.
In total contrast with what’s been happening on the dry bulk side, activity in tanker sector remains robust, with Buyers competing intensely to secure vessels with prompt delivery in order to take advantage of the improved freight market. As a result, asset prices have been moving up quickly across the different sizes and respective age groups.
The M/T Olympic Leader (309kdwt blt ’05, S. Korea) is reported sold for USD 39.2m to Greek buyers c/o Altomare, while the price includes a BWTS on order. This is the second VLCC this Buyer has been linked to, following the purchase of M/T TI Hellas (319kdwt blt ’05, S. Korea) a couple of weeks ago. In any case, the price of M/T Olympic Leader shows a further increase in values after the recent sale of M/ T Takasaki (300kdwt blt ’05, Japan) at USD 37.8m.
Following last week’s Aframax sale of M/T Pallas Orust (114kdwt blt ’04, S. Korea), which was bought by Indonesians at USD 14m, the Greek controlled LR2s M/T Makronissos (106kdwt blt ’02, S. Korea) and M/T Agathonissos (106kdwt blt ’02, S. Korea) are now reported sold at region USD 13m each, which is in line with the market.
In the MR segment, Monaco based buyers c/o Transocean are being linked to the acquisition of M/T Glenda Meredith (46kdwt blt ’10, S. Korea) at a rumoured price of USD 19m basis BWTS fitted. It is interesting to note that this is the first reported sale of a deepwell pump MR2 of this vintage since mid-January.
Going forward, uncertainty reigns over both the dry bulk and tanker second-hand markets for different reasons. On one hand, dry bulk asset values still fail to reflect the returns in the freight market, rendering an alignment of Buyers’ and Sellers’ ideas challenging and further impeding SnP activity as a result. On the tanker side, the fact that freight rates have been moving down quickly in the past days could substantially impact the appetite of Buyers given that it was the lucrative returns that enticed them in the first place to go after prompt delivery candidates that would allow them to enjoy a quick and substantial return on their investment.
By Vasilis Moiris
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- MS Steel International - UAE
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
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